kiddking wrote: ↑
we are kind of similar.though I have about one and half year left on my previous 5 years and 400k mortgage. Im shopping for a house rn and he cibc specialist only offers me 1.84 posted rate.
cureently pays 2.3% and not sure if switching to a different back and getting a cheaper rate would worth the penalty of breaking contract. (7k penalty)
Not even close. To break even you need a rate around 1.13%.
THEAVS wrote: ↑
So Tangerine told me they don't do pre-approvals? How am I supposed to use them when shopping for a house?
You get pre-approval from a big bank first, then you buy house, then apply mortgage from a better lender. Only fall back to the original lender if required...
October 2015 for sale, PM for details!
PS3 EA Sports Active 2 $20
195-65-15 Winter tire with alloy wheel $500
I don't think Tangerine touches rentals, but Scotia offers a solid 2 right now. It might have dropped in the last couple of days, but that's what my broker is working with rn for a PITA rental.
Karebear77 wrote: ↑
How did you get that rate? Their posted 5 yr variable rate is 1.70.
I filled out their application and when they came back to me with that market rate I told them that my mortgage broker was offering the lower rates. They countered with 1.65.
THEAVS wrote: ↑So Tangerine told me they don't do pre-approvals? How am I supposed to use them when shopping for a house?
elty wrote: ↑
You get pre-approval from a big bank first, then you buy house, then apply mortgage from a better lender. Only fall back to the original lender if required...
That is lame they don't do pre approval, at least to lock in the rate. I do find pre approval kinda useless as I been approved in the past and then when I went to get my mortgage (like half what I was approved for) then it became a big issue as I was self employeed at that time.
How would you do that though, usually you get like 1 week for subject removal and a person I know talked to them and said it would take them 3 weeks to get approval or not. So would you go with the bank and get approved with them in subject week and then apply to tangerine and see if you get approved if you get approved ditch the other one?
Though I thought once approved and you sign it's a done deal.
kiz5 wrote: ↑
With CIBC offering a 4-year fixed at 1.49%, any reason you've decided to not lock it in?
Two reasons:
1) I think rates will drop further
2) For personal reasons we want to stay flexible in case we do need to break the mortgage then the penalty is only 3 months worth of interest
Oh and also CIBC rate wasn't available at the time... I literally just closed on the house today lol 1.49 is an amazing rate and it would've been a good alternative
